Indian Real Estate Market Boom
A posh seafront apartment in south Mumbai was recently bought at the equivalent of $1,400 per sq ft, as expensive as an apartment in New York. While in Kolkata it is the twin towns of Bolpur and Shantiniketan, where there is a rush to build American-style row houses. Prices of properties in metros like Mumbai, Delhi, Bangalore, Kolkata and Chennai are rising at 30-40 percent a year, due to scarcity of land and rising incomes.
Unlike the Tier 1 cities like Bombay, Chennai, Delhi and Bangalore that witness rapid real estate boom, even Tier 2 cities like Pune, Thane, Nasik, Hyderabad, Jaipur and Chandigarh are likely to follow suit.
For the past three years, the Indian economy has been growing at about 8 percent, a trend that is expected to continue in the future too. Prices of homes in India have on average tripled in the last two years and will probably expand four-fold in the next 3-4 years.
The average cost of a home that was about 22 times the average annual salary years ago, costs about 4.7 times the annual salary of an individual, today. Expanding cities and job opportunities add millions of people to the work force every year. Lifestyle and family values constantly change as a result of these factors. And there is a growing need for more living space, office space and entertainment throwing open huge markets for real estate.
PerSquareYard.com is a complete real estate portal from the Sulekha Group that is part of Smart Information Worldwide, Inc., a privately held Texas corporation, headquartered in Austin, US. PerSquareYard.com will provide multiple services and expertise relating to Real Estate and have the largest listing of properties in the Indian Metros. It will also be a provider of large volumes of responses to users for their differing property requirements, information on property trends, property values, and interaction with legal and other experts in the property arena. PerSquareYard.com is the only website that will provide the current Property Rates and trends in various Indian metros. The Real Estate Services offered also include a comprehensive Real Estate Directory that includes listing of real estate agents, builders, architects and movers & packers in different Indian metros.
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